Plot auction: CDA fetches over Rs1b on day two

ISLAMABAD:

The Capital Development Authority (CDA) on Wednesday auctioned 13 commercial plots at I-12 Markaz for bids worth at least Rs1.08 billion.

The plots were among the 23 in I-12 Markaz the civic agency had put up for auction on the second day of a two-day auction.

All 13 plots measured 1,066.66 square yards in size, according to information provided by the CDA. Plot 1-J received the highest bid of Rs131,000 per square yard --- Rs139.7 million in total.

On the other hand, plot 2-B received the lowest bid of Rs55.5 million. Two other plots, 1-K and 1-L, received bids of Rs102,000 and Rs111,000 per square yard respectively. The CDA has not yet released the total amount it fetched over the two-day auction. CDA Spokesperson Asia Gull was unavailable for comment.

The auction was supervised by a committee headed by CDA Finance Member Azher Ali Chaudhry. The committee will be submitting its recommendations on the auction to the CDA Board for final approval in due course.

Published in The Express Tribune, July 18^th, 2013.